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Category > Accounting Posted 28 Jul 2017 My Price 5.00

The following transactions occur for Cardinal Music Academy during the month of October:

The following transactions occur for Cardinal Music Academy during the month of October:

a. Provide music lessons to students for $12,000 cash.

b. Purchase prepaid insurance to protect musical equipment over the next year for $3,600 cash.

c. Purchase musical equipment for $15,000 cash.

d. Obtain a loan from a bank by signing a note for $20,000.

Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

 

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Alpha Geek
(8)
Status NEW Posted 28 Jul 2017 12:07 PM My Price 5.00

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Attachments

file 1501244893-2293350_1_636361381183892147_Cardinal-Music-Academy.xlsx preview (101 words )
Th-----------e f-----------oll-----------owi-----------ng -----------tra-----------nsa-----------cti-----------ons----------- oc-----------cur----------- fo-----------r C-----------ard-----------ina-----------l M-----------usi-----------c A-----------cad-----------emy----------- du-----------rin-----------g t-----------he -----------mon-----------th -----------of -----------Oct-----------obe-----------r:a-----------. P-----------rov-----------ide----------- mu-----------sic----------- le-----------sso-----------ns -----------to -----------stu-----------den-----------ts -----------for----------- $1-----------2,0-----------00 -----------cas-----------h.b-----------. P-----------urc-----------has-----------e p-----------rep-----------aid----------- in-----------sur-----------anc-----------e t-----------o p-----------rot-----------ect----------- mu-----------sic-----------al -----------equ-----------ipm-----------ent----------- ov-----------er -----------the----------- ne-----------xt -----------yea-----------r f-----------or -----------$3,-----------600----------- ca-----------sh.-----------c. -----------Pur-----------cha-----------se -----------mus-----------ica-----------l e-----------qui-----------pme-----------nt -----------for----------- $1-----------5,0-----------00 -----------cas-----------h.d-----------. O-----------bta-----------in -----------a l-----------oan----------- fr-----------om -----------a b-----------ank----------- by----------- si-----------gni-----------ng -----------a n-----------ote----------- fo-----------r $-----------20,-----------000-----------.Re-----------cor-----------d t-----------he -----------tra-----------nsa-----------cti-----------ons-----------. T-----------he -----------com-----------pan-----------y u-----------ses----------- th-----------e f-----------oll-----------owi-----------ng -----------acc-----------oun-----------ts:----------- Ca-----------sh,----------- Pr-----------epa-----------id -----------Ins-----------ura-----------nce-----------,
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